“Joseph Schumpeter’s classic Capitalism, Socialism, and Democracy explains the process of capitalism’s “creative destruction”–a key principle in understanding the logic of globalization." —Thomas L. Friedman, Foreign Policy

In this definitive third and final edition (1950) of his masterwork, Joseph A. Schumpeter introduced the world to the concept of “creative destruction,” which forever altered how global economics is approached and perceived. Now featuring a new introduction by Pulitzer Prize-winning Schumpeter biographer Thomas K. McCraw, Capitalism, Socialism and Democracy is essential read­ing for anyone who seeks to understand where the world economy is headed.

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